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Nonprofiteer
← AMERICAN EAGLE FINANCIAL CREDIT UNION INCORPORATED

Form 990 for tax year 2024

Filed by AMERICAN EAGLE FINANCIAL CREDIT UNION INCORPORATED.

Totals

Total revenue
$127,109,502
Total expenses
$116,502,228
Contributions and grants received
$0
Grants paid
$186,552
Program service revenue
$88,355,137
Investment income
$39,056,422
Other revenue
-$302,057
Total assets, end of year
$2,553,224,116
Total liabilities, end of year
$2,302,542,324
Net assets or fund balances, end of year
$250,681,792
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INCOME ON LOANS

    total $66,689,221 · related or exempt $66,689,221

  • 2b · Program service revenue: FEES/CHARGES/OTHER

    total $21,600,216 · related or exempt $21,600,216

  • 2c · Program service revenue: FINANCE & INSURANCE

    total $65,700 · unrelated business $65,700

  • 3 · Investment income

    total $39,056,422 · related or exempt $39,056,422

  • 6a · Gross rents

    real property $514,374

  • 6b · Less rental expenses

    real property $816,431

  • 6c · Rental income or loss

    real property -$302,057

  • 6d · Net rental income or loss

    total -$302,057 · related or exempt -$302,057

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $183,552

  • 2 · Grants to domestic individuals

    total $3,000

  • 5 · Compensation of officers, directors and key employees

    total $3,492,246

  • 7 · Other salaries and wages

    total $26,145,284

  • 9 · Other employee benefits

    total $6,308,240

  • 10 · Payroll taxes

    total $2,138,032

  • 11a · Fees: management

    total $793,923

  • 11b · Fees: legal

    total $297,017

  • 11c · Fees: accounting

    total $224,246

  • 11g · Fees: other

    total $896,327

  • 12 · Advertising and promotion

    total $876,939

  • 13 · Office expenses

    total $5,475,890

  • 14 · Information technology

    total $8,394,720

  • 16 · Occupancy

    total $2,691,692

  • 17 · Travel

    total $515,518

  • 20 · Interest

    total $40,030,253

  • 22 · Depreciation, depletion and amortization

    total $2,597,575

  • 23 · Insurance

    total $280,277

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $5,503,773

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $3,032,783

  • 24c · Other expenses: DEBIT CARD SERVICES

    total $2,414,438

  • 24d · Other expenses: MISCELLANEOUS

    total $2,086,679

  • 24e · All other expenses

    total $2,119,824

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,783,881 · end of year $11,472,589

  • 2 · Savings and temporary cash investments

    beginning of year $632,951,524 · end of year $509,701,337

  • 4 · Accounts receivable

    beginning of year $519,734 · end of year $1,423,621

  • 5 · Loans and receivables from officers and key people

    beginning of year $25,295,784 · end of year $26,359,302

  • 7 · Other notes and loans receivable

    beginning of year $1,621,507,691 · end of year $1,484,978,274

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,135,846 · end of year $3,801,399

  • 10a · Land, buildings and equipment: cost or other basis

    $48,835,316

  • 10b · Land, buildings and equipment: accumulated depreciation

    $25,465,683

  • 10c · Land, buildings and equipment, net

    beginning of year $23,296,389 · end of year $23,369,633

  • 11 · Investments: publicly traded securities

    beginning of year $341,269,387 · end of year $447,871,985

  • 12 · Investments: other securities

    beginning of year $1,793,200 · end of year $1,683,526

  • 14 · Intangible assets

    end of year $595,392

  • 15 · Other assets

    beginning of year $37,532,512 · end of year $41,967,058

  • 17 · Accounts payable and accrued expenses

    beginning of year $52,599,110 · end of year $46,309,181

  • 23 · Secured mortgages and notes payable

    end of year $800,925

  • 25 · Other liabilities

    beginning of year $2,408,886,523 · end of year $2,255,432,218

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $237,600,315 · end of year $250,681,792

Mission and programs · 2024

Mission

OUR MISSION IS TO ENRICH THE LIVES OF OUR MEMBERS AND COMMUNITIES TO CREATE A WORLD WHERE FINANCIAL FREEDOM IS A REALITY. OUR VALUES ARE CARING, TRUST AND DEPENDABILITY.

Activities or mission (Part I)

AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS.

  • DURING 2024, AMERICAN EAGLE FINANCIAL CREDIT UNION (AEFCU), A STATE-CHARTERED CREDIT UNION LOCATED IN THE STATE OF CONNECTICUT, PROVIDED FINANCIAL SERVICES TO MEMBERS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN THE HARTFORD, TOLLAND, NEW HAVEN, AND MIDDLESEX COUNTIES IN CONNECTICUT. AEFCU CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. IN 2024, MEMBERSHIP GREW FROM 183,386 TO 187,792 MEMBERS. THERE WERE 7,757 LOANS GRANTED DURING THE YEAR TOTALING APPROXIMATELY $245,033,000. DEPOSITS GREW FROM 367,429 ACCOUNTS TO 375,355 ACCOUNTS. TOTAL DEPOSITS AS OF DECEMBER 31, 2024 APPROXIMATED $2,255,432,000. AEFCU ALSO CONDUCTED SEMINARS FOR ITS MEMBERSHIP THAT RANGED FROM FINANCIAL LITERACY TO FIRST TIME HOME BUYING.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • RAYMOND C GANDY

    CHAIRPERSON

    Total calculated
    $8,485
    From this org
    $8,485
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • MICHAEL W HAWMAN

    1ST VICE CHAIRPERSON

    Total calculated
    $21,010
    From this org
    $21,010
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ALLISON W BURCH

    2ND VICE CHAIRPERSON

    Total calculated
    $2,094
    From this org
    $2,094
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • MARK P ALLEN

    DIRECTOR

    Total calculated
    $16,322
    From this org
    $16,322
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • MICHAEL ROGERS

    DIRECTOR

    Total calculated
    $4,725
    From this org
    $4,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • MICHAEL P DEPASQUALE

    DIRECTOR

    Total calculated
    $15,318
    From this org
    $15,318
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JOSEPH PLOSZAY

    SECRETARY

    Total calculated
    $1,238
    From this org
    $1,238
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • KENNETH D STEVENSON

    DIRECTOR

    Total calculated
    $7,291
    From this org
    $7,291
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JOSEPH R CAMPOSEO

    DIRECTOR

    Total calculated
    $3,324
    From this org
    $3,324
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ANGELA BULL

    DIRECTOR

    Total calculated
    $4,798
    From this org
    $4,798
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • ANN LISA BURGARELLA

    DIRECTOR

    Total calculated
    $9,636
    From this org
    $9,636
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • HOWARD BRADY

    PRESIDENT/CEO

    Total calculated
    $854,686
    From this org
    $822,937
    From related orgs
    $0
    Other
    $31,749
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $636,378
    Bonus
    $185,203
    Other
    $1,356
    Deferred
    $31,050
    Nontaxable benefits
    $699
    Filer's total
    $854,686

  • LARRY MICHAUD

    SVP/CFO

    Total calculated
    $406,458
    From this org
    $364,119
    From related orgs
    $0
    Other
    $42,339
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,135
    Bonus
    $110,984
    Other
    $0
    Deferred
    $10,350
    Nontaxable benefits
    $31,989
    Filer's total
    $406,458

  • BRIAN KENNEDY

    EVP/CS&RO

    Total calculated
    $555,788
    From this org
    $510,023
    From related orgs
    $0
    Other
    $45,765
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $327,539
    Bonus
    $182,484
    Other
    $0
    Deferred
    $7,065
    Nontaxable benefits
    $38,700
    Filer's total
    $555,788

  • DIANNA WILSON

    SVP/CX&LO

    Total calculated
    $428,181
    From this org
    $366,012
    From related orgs
    $0
    Other
    $62,169
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $320,145
    Bonus
    $45,867
    Other
    $0
    Deferred
    $23,019
    Nontaxable benefits
    $39,150
    Filer's total
    $428,181

  • TERESA KNOX

    EVP/COO

    Total calculated
    $374,213
    From this org
    $354,946
    From related orgs
    $0
    Other
    $19,267
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,140
    Bonus
    $239,806
    Other
    $0
    Deferred
    $4,590
    Nontaxable benefits
    $14,677
    Filer's total
    $374,213

  • JAMES EVANS

    SVP/CIO

    Total calculated
    $405,731
    From this org
    $342,977
    From related orgs
    $0
    Other
    $62,754
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,993
    Bonus
    $64,984
    Other
    $0
    Deferred
    $30,765
    Nontaxable benefits
    $31,989
    Filer's total
    $405,731

  • RYAN MCELENEY

    SVP/CP&CO

    Total calculated
    $372,948
    From this org
    $316,531
    From related orgs
    $0
    Other
    $56,417
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,563
    Bonus
    $50,968
    Other
    $0
    Deferred
    $27,618
    Nontaxable benefits
    $28,799
    Filer's total
    $372,948

  • PAMELA VILLANOVA

    SVP DIGITAL SOLUTIONS

    Total calculated
    $295,619
    From this org
    $243,354
    From related orgs
    $0
    Other
    $52,265
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,030
    Bonus
    $28,324
    Other
    $0
    Deferred
    $22,680
    Nontaxable benefits
    $29,585
    Filer's total
    $295,619

  • ANN-MARIE KATZER

    SVP RETAIL DELIVERY

    Total calculated
    $285,326
    From this org
    $241,067
    From related orgs
    $0
    Other
    $44,259
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,290
    Bonus
    $26,777
    Other
    $0
    Deferred
    $5,829
    Nontaxable benefits
    $38,430
    Filer's total
    $285,326

  • ANN RILEY

    VICE PRESIDENT PROCESS EXCELLENCE

    Total calculated
    $269,118
    From this org
    $218,535
    From related orgs
    $0
    Other
    $50,583
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $201,775
    Bonus
    $16,760
    Other
    $0
    Deferred
    $20,548
    Nontaxable benefits
    $30,035
    Filer's total
    $269,118

  • KHALED AHMED

    VP INFORMATION TECHNOLOGY

    Total calculated
    $267,536
    From this org
    $209,071
    From related orgs
    $0
    Other
    $58,465
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,247
    Bonus
    $14,824
    Other
    $0
    Deferred
    $19,765
    Nontaxable benefits
    $38,700
    Filer's total
    $267,536

  • CHRISTINE WILLEY

    VP ENTERPRISE RISK & SECURITY OFFICER

    Total calculated
    $241,464
    From this org
    $203,520
    From related orgs
    $0
    Other
    $37,944
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,062
    Bonus
    $9,458
    Other
    $0
    Deferred
    $6,405
    Nontaxable benefits
    $31,539
    Filer's total
    $241,464

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
THE FOLLOWING EXECUTIVES PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2024: HOWARD BRADY BRIAN KENNEDY JAMES EVAN HOWARD BRADY, JAMES EVANS, AND BRIAN KENNEDY PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • CONNECTICUT DOUBLE PLAY LLC (DBA HARTFORD YARD GOATS)

    $67,000

    SPONSORSHIP OF THE HARTFORD YARD GOATS, A BASEBALL CLUB IN HARTFORD, CT. THE SPONSOR SHIP IS INTENDED TO ASSIST THE FOLLOWING PROGRAMS: JR PA PROGRAM, PRODUCTION PROGRAM, AND THE MOST IMPROVED ATHLETE PROGRAM.

  • NORTH HAVEN HISTORICAL SOCIETY

    $9,598

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO DISCOVER, COLLECT, PRESERVE, AND SHARE THE RICH, LAYERED HISTORY OF NORTH HAVEN AND ITS SURROUNDING AREAS.

  • SAVE ALL DOGS INC

    $9,598

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO OFFER A SAFE HAVEN FOR UNWANTED, HOMELESS, AND ABANDONED DOGS AND CATS FROM KILL SHELTERS, BAD CONDITIONS SUCH AS MILLS AND ANIMALS IN DANGER OF EUTHANASIA THAT ARE IN NEED OF LOVING FOREVER HOMES.

  • FRIENDS OF CAMP NEIPSIC INC

    $9,598

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO PRESERVE AND PROMOTE OPEN SPACE FOR YOUTH TO ENGAGE IN OUTDOOR ACTIVITIES.

  • LUKE ROUX FOUNDATION

    $9,443

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO REDUCE FATALITIES CAUSED BY IMPAIRED DRIVING TODAYVAND ELIMINATE THEM TOMORROW.

  • BOY SCOUTS OF AMERICA CONNECTICUT RIVERS COUNCIL

    $9,443

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO DELIVER SCOUTING PROGRAMS THAT DEVELOP CHARACTER, CITIZENSHIP, FITNESS, AND LEADERSHIP SKILLS TO MORE THAN 17,000 YOUTH AND NEARLY 5,000 ADULT VOLUNTEERS IN 127 CITIES AND TOWNS IN CONNECTICUT.

  • THETA ALPHA SIGMA GREATER LEGACY FOUNDATION INC

    $9,443

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO SUPPORT ANNUAL INITIATIVES THAT IMPACT THE GREATER HARTFORD COMMUNITY, INCLUDING PROVIDING SCHOLARSHIPS ANNUALLY TO LOCAL COLLEGE-BOUND HIGH SCHOOL SENIORS, OFFERING LEADERSHIP TRAINING AND MENTORSHIP TO GREATER HARTFORD YOUTH AND SUPPORTING LOCAL PROGRAMMING EFFORTS THAT FOCUS ON HEALTH, WELLNESS, AND COMMUNITY ENRICHMENT.

  • WINDSOR EDUCATION FOUNDATION

    $9,212

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO SUPPORT WINDSOR CHILDREN IN THE EDUCATION SYSTEM.

  • WINDSOR FOOD AND FUEL BANK INC

    $9,212

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO ASSURE THAT NO MEMBER OF THE WINDSOR COMMUNITY IS HUNGRY, COLD, OR WITHOUT BASIC NECESSITIES.

  • ENFIELD FOOD SHELF

    $9,212

    TO ASSIST THE ORGANIZATION IN ITS MISSION TO BE A "CHOICE PANTRY" TO ENFIELD RESIDENTS IN NEED OF FOOD ASSISTANCE

The 10 largest by cash amount. The API serves every itemized grant.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • AMERICAN EAGLE FINANCIAL SERVICES LLC

    FINANCIAL CONSULTING SERVICES · CT · income $0 · assets $0

    Directly controlled by AMERICAN EAGLE FINANCIAL CU

  • AEF REALTY LLC

    PROPERTY MANAGEMENT SERVICES · CT · income $154,326 · assets $13,960,560

    Directly controlled by AMERICAN EAGLE FINANCIAL CU

Provenance

Return type
form_990
Tax year
2024
Filed
25 July 2025
IRS schema version
2024v5.2
Source object
202512179349300821

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